Things to think about when choosing a retirement home
Category Property Advice
Choosing your retirement home can seem daunting, with long lists of pros and cons to every option. The CSi Property Group makes the decision-making process a little easier by summing up some of the important considerations. In this article, we'll weigh up the advantages of sectional title properties, consider the possibility of rising levies and think about the amenities typically offered at retirement villages. Lastly, we take a look at locations and how your needs may change over time.
Consider the advantages of sectional title properties
While life rights schemes have certain advantages for retirees, it's important to consider the numerous benefits that come with sectional title living. As is the case at any stage of life, purchasing a sectional title property for your retirement means investing in a capital asset that ultimately becomes a valuable part of your estate. Over and above this, you can take a home loan if necessary to help you pay for your investment. Many people choose to buy their retirement home some years before actually living in it. In this case, you have the option of renting it out before you use it and generating income to help you pay off the property.
Another advantage that comes with making a sectional title your retirement home is that you're able to structure and renovate the interior of your home however you choose to. In one's retirement years, this means being able to install railings and other safety devices as you see fit.
Ask questions about the levies
When buying into any sectional title, you will have to pay monthly levies. These levies are set annually, and there's always the possibility of steep increases. It's therefore advisable, before you sign on the dotted line, to ask what kind of levy increases have been seen in recent years in the retirement village in which you are considering buying. While you're asking questions, find out exactly what your levies cover, and whether there is a high chance of a special levy in the near future.
The amenities on offer
Modern retirement homes are often remarkably similar to lifestyle estates. Many of these estates are set in natural environments and offer pastimes such as birdwatching, fishing, swimming and picnicking. Different retirement villages will have different rules about the use of these amenities, so if your retirement plans centre on spending afternoons fishing with former colleagues, make sure that outsiders are allowed to make use of the complex's facilities as your guest.
Location, location, location
As is the case in every real estate transaction, the location of your retirement home is a critical factor. For many people who have lived their lives in Gauteng, the thought of retiring the coast may be appealing. This is something to consider carefully though, especially if your children, grandchildren, friends and support networks are in Gauteng.
Gauteng has much to offer retirees, and at many of the province's retirement estates, you'll feel like you're far out in the country, rather than relatively close to Johannesburg or Pretoria. Various areas of Gauteng, such as Waterkloof Ridge, Douglasdale, Brentwood Park (Benoni) and Beverley (Sandton) are home to luxurious retirement estates where over-50s can buy or rent property in an environment that feels far removed from the hustle and bustle of the city.
Your current and future needs
Thinking about your future needs is another important part of choosing a home. At the age of 50 or 55, the idea of needing assistance in carrying out day-to-day tasks may seem unthinkable. 20 years on, however, this may be a reality. Plan for a home that can be yours forever by looking for a retirement home that offers assistance and frail care if or when it should be needed.
Take the stress out of finding the perfect retirement home by entrusting the task to the CSi Property Group. Contact us for more information about retiring in Gauteng.
Author: CSi EUF